Successful sale and restructure of retailer kikki.K
Barry Wight and Bruno Secatore of Cor Cordis were appointed as Receivers and Managers of the established and leading stationary brand kikki.K on 10 March 2020.
kikki.K is a retailer with a network of stores in Australia, an ecommerce site that ships to approximately one hundred and fifty (150) countries worldwide and a growing wholesale business which supplies into major overseas department stores, stationery chains and travel retail chains.
The COVID-19 pandemic provided for unique stabilisation challenges, requiring the receivers to materially reduce costs, negotiate landlord rent relief and optimise the store network. The receivers also boosted the capacity of kikki.K’s distribution services as to support the increased e-commerce demand during lockdown.
The kikki.K business was acquired by the USA based EC Design LLC (Erin Condren). Erin Condren are a lifestyle brand known for creating organisation essentials for the home and office. The sale and restructure process was undertaken with the support and assistance of Gilbert & Tobin and 333 Capital.
The continuation of the kikki.K business ensures that twenty five (25) Australian stores will remain open across six (6) states and territories and two hundred and fifty-six (256) full-time, part-time and casual staff will continue with their employment.
The sale also allows for the immediate payment of outstanding employee entitlements of approximately $1.1M in full.
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